24 May 2018 07:00
24 May 2018
Morses Club PLC
("Morses" or the "Company")
Annual Report and Accounts and Notice of Annual General Meeting
In advance of the Company's Annual General Meeting ("AGM") the following documents have today been posted or otherwise made available to shareholders:
1. 2018 Annual Report
2. Notice of 2018 AGM
3. Form of Proxy for the 2018 AGM
Documents are available on the Company's website at: http://www.morsesclubplc.com/investors and in hard copy to shareholders upon request to the Company Secretary, Morses Club PLC, Kingston House, Centre 27 Business Park, Woodhead Road, Birstall, WF17 9TD, or by email to: investors@morsesclubplc.com.
Following the Company's AGM in June 2017, all shareholders were sent a letter dated 4 December 2017 in relation to electronic communication, following which the Company publishes Annual Reports and Accounts, Notices of Annual General Meeting and ancillary documents on its website, except where shareholders have specifically requested hard copies to be posted to them.
The Company's AGM will take place at 10.30 am on Tuesday 26 June 2018 at the offices of Eversheds Sutherland (International) LLP, at Bridgewater Place, Water Lane, Leeds, LS11 5DR.
- Ends -
For further information, please contact:
Morses Club PLC Paul Smith, Chief Executive OfficerAndy Thomson, Chief Financial Officer | Tel: +44 (0) 330 045 0719 |
Panmure Gordon (UK) Limited (Nomad and Joint Broker)Richard Gray / Fabien Holler / Atholl Tweedie (Corporate Finance) Charles Leigh-Pemberton (Corporate Broking) | Tel: +44 (0) 20 7886 2500 |
finnCapJonny Franklin-Adams / Emily Watts / Anthony Adams (Corporate Finance)Tim Redfern / Richard Chambers (Corporate Broking) | Tel: +44 (0) 20 7220 0500 |
CamarcoEd Gascoigne-Pees / Jennifer Renwick / Kimberley Taylor | Tel: +44 (0) 20 3757 4984 |
Notes to Editors
About Morses Club
Morses Club is the second largest UK Home Collected Credit (HCC) lender with 229,000 customers and 2,030 agents across 98 locations throughout the UK.
The Company offers a range of loan products to its customers through its extensive self-employed agent network. The majority of the Company's borrowers are repeat customers and the Company enjoys consistently high customer satisfaction with scores of 95% or above.
The Company is using technology to broaden its offering and provide new products to ensure customers can access credit with the flexibility they require. In April 2016, its cashless lending product, the Morses Club Card, was introduced, enabling its customers to buy online as well as on the high street. Dot Dot Loans, the Company's first online instalment product, was launched in March 2017.
Morses Club successfully listed on AIM in May 2016.
About the UK non-standard credit market
The UK non-standard credit market, of which UK HCC is a subset, consists of both secured and unsecured lending and is estimated to comprise around 10 million consumers.
Non-standard credit is the provision of secured and unsecured credit to consumers other than through mainstream lenders. Lenders providing non-standard credit principally lend on an unsecured basis and the market is characterised by high frequency borrowing.
Since February 2014, unsecured personal lending has grown from £161 billion to £209 billion in February 20181.
1 Source: Table J Bank of England Money & Credit Report February 2018
About UK Home Collected Credit
UK HCC is considered to be a specialised segment of the broader UK non-standard credit market. UK HCC loans are typically small, unsecured cash loans delivered directly to customers' homes. Repayments are collected in person during weekly follow-up visits to customers' homes.
UK HCC is considered to be stable and well-established, with approximately 1.6 million2 people using the services of UK HCC lenders.
2 High Cost Credit Review ANNEX 1 - July 2017